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Welcome to our 2014
Annual Report. To explore
the key stories of the past
year and find out more
about what’s in store for
the year ahead, please visit
our online annual report at
Target.com/annualreport.
Financial Highlights
Total Segment Sales: $72.6 Billion
$65,786
$68,466
$71,960
$71,279
$72,618
Total Revenues
IN MILLIONS
‘10 ’11 ‘12 ’13 ‘14
2014 Growth: 1.9%
Five-year CAGR: 2.7%
$5,252
$5,443
$5,740
$5,170
$4,535
EBIT
IN MILLIONS
‘10 ’11 ‘12 ’13 ‘14
2014 Growth: -12.3%
Five-year CAGR: -0.6%
$2,920
$3,049
$3,315
$2,694
$2,449
Net Earnings
IN MILLIONS
‘10 ’11 ‘12 ’13 ‘14
2014 Growth: -9.1%
Five-year CAGR: -0.3%
$4.00
$4.46
$5.00
$4.20
$3.83
Diluted EPS
‘10 ’11 ‘12 ’13 ‘14
2014 Growth: -8.8%
Five-year CAGR: 3.0%
(Note: Reflects amounts attributable to continuing operations.)
Food & Pet
Supplies
21%
Household
Essentials
25%
Apparel &
Accessories
19%
Hardlines
18%
18%
Home Furnishings
& Decor
17%
17%
19%
91872_Cvr.indd 2 4/16/15 5:15 PM
Directors and Management
Directors Executive Officers
Roxanne S. Austin Henrique De Castro Derica W. Rice Timothy R. Baer Jodeen A. Kozlak Tina M. Tyler
President, Austin Former Chief Executive Vice Executive Vice Executive Vice Executive Vice
Investment Advisors Operating Officer, President, Global President, Chief President and Chief President and Chief
(1) (3) (4) Yahoo! Inc. (2) (4) Services and Chief Legal Officer, and Human Resources Stores Officer
Financial Officer, Eli Corporate Secretary Officer
Douglas M. Baker Jr.
James A. Johnson Laysha L. Ward
Lilly & Company (1) (3)
Chairman and Chief
Founder and Principal, Casey L. Carl John J. Mulligan Executive Vice
Executive Officer,
Johnson Capital
Kenneth L. Salazar Chief Strategy and Executive Vice President and Chief
Ecolab Inc.
(2) (5) (6) Partners Partner, WilmerHale Innovation Officer President and Chief
Corporate Social
(3) (4) Financial Officer Responsibility Officer
Brian C. Cornell
Mary E. Minnick
Brian C. Cornell
Chairman of the Partner, Lion Capital John G. Stumpf
Chairman of the Jackie Hourigan Rice
Board and Chief LLP (1) (3) (4) Chairman, President
Board and Chief Chief Risk and
Executive Officer and Chief Executive
Executive Officer Compliance Officer
Anne M. Mulcahy Officer, Wells Fargo &
Calvin Darden Chairman of the Board Jerey J. Jones II Kathryn A. Tesija
Company
(1) (5)
Chairman, Darden of Trustees, Executive Vice Executive Vice
Putnam Energy & Save the Children
(1) Audit Committee President and Chief President and Chief
(2) Compensation Committee
Logistics, LLC (2) (3) (5) Federation, Inc.
(2) (5) (3) Corporate Risk and
Marketing Officer Merchandising and
Responsibility Committee Supply Chain Officer
(4) Finance Committee
(5) Nominating and
Governance Committee
(6) Lead Independent Director
Other Senior Officers
Patricia Adams Anne Dament Christina Hennington John Morioka
Executive Vice President, Senior Vice President, Senior Vice President, Senior Vice President,
Merchandising, Apparel Merchandising, Grocery Merchandising, Health and Beauty Merchandise Planning,
and Home Essentials and Hardlines
Paritosh Desai Cynthia Ho
Aaron Alt Senior Vice President, Senior Vice President, Scott Nelson
Chief Executive Officer, Target Enterprise Data, Analytics Target Sourcing Services Senior Vice President,
Canada and Senior Vice President, and Business Intelligence Target Properties
Keri Jones
Treasury and Tax, Target Bryan Everett Executive Vice President, Scott Nygaard
Stacia Andersen Senior Vice President, Global Supply Chain and Senior Vice President,
Senior Vice President, Store Operations Merchandise Planning Merchandising, Hardlines
Merchandising, Apparel
Jim Fisher Navneet Kapoor Janna Potts
and Accessories Senior Vice President,
President and Managing Director, Senior Vice President,
Kristi Argyilan Target Technology Services Target India Human Resources, Stores
Senior Vice President, and Distribution
Juan Galarraga Scott Kennedy
Media and Guest Engagement Senior Vice President, Stores President, Target Financial and
Jill Sando
Jose Barra Retail Services Senior Vice President,
Peter Glusker
Executive Vice President, Merchandising, Home
Senior Vice President,
Stephanie Lucy
Merchandising, Essentials New Business Integration Senior Vice President, Mark Schindele
and Hardlines and Operations Merchandise Planning, Apparel
Senior Vice President,
Dawn Block and Accessories Target Properties
Jason Goldberger
Senior Vice President, Target.com President, Target.com & Mobile Stephanie Lundquist Samir Shah
& Mobile Merchandising Senior Vice President, Human
Senior Vice President, Stores
Rick Gomez
Stephen Brinkley Resources Strategy & Transformation
Senior Vice President,
Cary Strouse
Senior Vice President, Stores Brand & Category Marketing Brad Maiorino Senior Vice President, Stores
John Butcher Senior Vice President and Chief
Julie Guggemos Todd Waterbury
Senior Vice President, Information Security Officer
Senior Vice President,
Senior Vice President,
Merchandising Category Roles Product Design & Development Todd Marshall Chief Creative Officer
Kelly Caruso Senior Vice President, Marketing
Corey Haaland Judy Werthauser
President, Target Sourcing Services Senior Vice President, Financial
Tiany Monroe Senior Vice President, Human
Tim Curoe Planning Analysis and Tax Senior Vice President, Human
Resources, Headquarters
Senior Vice President, Talent & Resources, Target Canada
Organizational Effectiveness